Morgan Stanley Has Lowered Expectations for Allbirds (NASDAQ:BIRD) Stock Price

Allbirds (NASDAQ:BIRD) had its price target decreased by Morgan Stanley from $12.00 to $8.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 14.94% from the stock’s previous close.

Allbirds Stock Performance

BIRD traded up $0.01 during trading on Tuesday, hitting $6.96. The stock had a trading volume of 10,652 shares, compared to its average volume of 49,418. The stock has a 50 day simple moving average of $7.50 and a two-hundred day simple moving average of $10.35. Allbirds has a twelve month low of $6.11 and a twelve month high of $22.40. The company has a market capitalization of $55.19 million, a PE ratio of -0.43 and a beta of 1.61.

Allbirds (NASDAQ:BIRD) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($2.68) EPS for the quarter, beating analysts’ consensus estimates of ($3.13) by $0.45. Allbirds had a negative return on equity of 65.30% and a negative net margin of 60.43%. The company had revenue of $43.00 million during the quarter, compared to analysts’ expectations of $42.11 million. During the same period last year, the business posted ($4.20) earnings per share. On average, equities research analysts anticipate that Allbirds will post -11.89 EPS for the current year.

Institutional Trading of Allbirds

An institutional investor recently bought a new position in Allbirds stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Allbirds, Inc. (NASDAQ:BIRD) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 129,694 shares of the company’s stock, valued at approximately $65,000. Point72 Asia Singapore Pte. Ltd. owned about 0.08% of Allbirds at the end of the most recent reporting period. 44.07% of the stock is owned by hedge funds and other institutional investors.

Allbirds Company Profile

Allbirds, Inc manufactures and sells footwear and apparel products for men and women in the United States and internationally. The company offers a range of lifestyle and performance shoes; and apparel, including classic tees and sweats, socks, and underwear. It sells its products through its retail stores, as well as online.